Metro Pacific Investments Corporation did not submit qualification documents. According to Ramon Fernandez, president of the firm (Philippine's largest tollway operator), the firm saw too many risks both technical and financial.
The government expects to award the contract by August this year.
The project involves the construction of a 47-kilometer flood control dike, on top of which will be a six-lane expressway, from Taguig City to Los Baños, and the reclamation of 700 hectares west of the dike - highway,creating opportunities for developing new business and residential areas on reclaimed land, to enhance regional and urban development.
The project will be developed on a design, build, finance, operate and maintenance (DBFOM) basis. The contract will have a period of 37 years, including 7 years for design and construction and 30 years for operation and maintenance.
The total project investment is estimated at P122.8 billion (US$2.78 billion), of whih P64.914 billion (US$1.44 billion) will be for the development of the 47-kilometer flood control dike - highway.
During this month we have reported about several PPP projects in Philippines: